Cenvat held that appellant is not required to reverse Cenvat credit as the capital goods have not been physically removed from the premises where they were initially installed.
Section 49 of the CGST Act, 2017 contains provisions in relation to payment of tax, interest, penalty and other amounts. Section 49 (5) of CGST Act, 2017 provides manner of utilizing Input Tax Credit (ITC) for payment of GST output tax liability, e.g IGST can be set off against IGST and then CGST and SGST, CGST can be set off against CGST and then against IGST, and SGST can be set off against SGST and then against IGST.
A. GST Composition Scheme Provisions Before 1st April 2019:- i. The threshold turnover limit For Trader, Manufacturer – Rs. 1 Crore For Restaurant Service Only – 1 Crore ii. Rate of Tax under GST Composition Scheme For Trader, Manufacturer – 1% For Restaurant Service– 5%. iii. For Services, other than restaurant scheme –No composition scheme iv. […]
GST Rates for Real Estate Sector to be effective from 1st April, 2019Affordable housing properties: Effective GST rate of 1% without ITC- .Residential properties outside affordable segment: Effective GST rate of 5% without ITC
Gayathri Pasarakayala Vs Disciplinary Committee (ICSI Appellate Authority) It is clear that the Disciplinary Committee has not followed the due procedure as prescribed statutorily as no opportunity of being heard was provided to Ms. Gayathri Pasarakayala on the question of quantum of punishment irrespective of her admission of guilt conveyed vide her aforementioned letter dated […]
FEMA (Foreign Exchange Management Act, 1999) has acted as a catalyst for the growth and development of various sectors in India. The main aim of FEMA is to facilitate external trade, balance the payments, promote the orderly development, and maintain the foreign exchange market in India. This article covers the Important Compliances to be followed under […]
GST Council in the 34th meeting held on 19th March, 2019 at New Delhi recommended that the supply of TDR, FSI, long term lease (premium) of land by a landowner to a developer shall be exempted subject to the condition that the constructed flats are sold before issuance of completion certificate and tax is paid […]
The Employee’s Provident Fund (EPF) is a scheme for retirement benefit of employees, which saves a part of their monthly salary as a fund for their future emergencies and retirement. Every salaried employee is eligible for holding an EPF account. The topics discussed in this article are: 1. About EPF 2. Benefits of EPF 3. […]
Rules 88A :Order of utilization of input Tax Credit- Restore to old method of set off of Input tax credit New GST Rules 88A as per Notification no 16/2019 dated : 29th March 2019 has restore the set of Input Tax Credit utilization in the old method with minor modification in order of set off. […]
Quarterly GST Return-2019 ♣ In the 27th GST Council meeting, the Government announced a simpler GST return filing regime for small taxpayer. ♣ Under the new regime, person having GST registration and a turnover of less than Rs.5 Crore would be provided with option to file quarterly return instead of monthly return. ♣ From the […]
